Ashneer Grover
The parent company of BharatPe, Resilient Innovations, has filed a new case in Delhi High Court against co-founder Ashneer Grover, requesting an injunction to stop the release of what it describes as “confidential information” about the business as per media reports.
Grover, who has been involved in several controversies, disclosed information on social media about the secondary components and equity allocation of BharatPe’s most recent Series E funding round. This has led to the legal action.
With the participation of Dragoneer Investor Group and led by Tiger Global, this funding round raised $370 million, valuing the fintech company at $2.86 billion.
Grover’s actions, according to BharatPe’s legal representative, violated the terms of his employment agreement because he revealed confidential information about the company.
Grover may have removed the post, but BharatPe maintains that Grover breached his employment agreement by keeping private company information after he resigned.
At the recent hearing, which was chaired by Justice Sachin Dutta, Grover’s attorney allegedly apologized on his client’s behalf for the alleged confidentiality violation. Grover’s apology was accepted by the court, but he still holding confidential information will be discussed at future hearings.
In addition to the ongoing civil case that BharatPe filed against Grover and his family, a recent legal action was taken against him. The case claims financial embezzlement and demands damages of up to Rs 88.67 crore.
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